Shares of Canada Goose (GOOS.TO)(GOOS) surged as much as 22 per cent on Friday, after the company reported earnings that beat analyst expectations.

The luxury parka maker saw sales surge nearly 20 per cent in the three-month period ending Sept. 26, increasing from $194.8 million to $232.9 million, thanks to strong growth in e-commerce and its direct-to-consumer business. The company also raised its financial guidance for the remainder of the year, now expecting total sales to reach between $1.13 billion and $1.18 billion.

"Looking at the business globally, we're trending up and performing well in every region, with mainland China (direct-to-consumer sales) being a particular standout, growing 86 per cent versus last year," Canada Goose chief executive Dani Reiss said on a conference call with analysts on Friday.

"Looking ahead, we're very optimistic as we head into our peak season."

Canada Goose's stock was trading up 20 per cent as of 1:22 p.m. ET at $48.54.

Canada Goose reported an adjusted net income of $13.2 million, or 12 cents per diluted share, up from $11.5 million, or 10 cents per diluted share, during the same period last year. Analysts had expected an adjusted loss of nine cents per share for the quarter, according to Refinitiv.

The strong results come ahead of the most significant quarter of the year for Canada Goose, featuring the holiday season. The company is also planning on launching its highly-anticipated footwear line next week, something that has been in the works since Canada Goose acquired Baffin, an outdoor and industrial footwear company, in November 2018.

Reiss says the company will launch two footwear styles for men and women that have gone through "extreme user testing," which includes the logging of thousands of kilometres by "adventurers, athletes, researchers and cinematographers."

"Canada Goose footwear is one of the most significant milestones in our more than six-decade history," Reiss said.

"We are bringing a completely new perspective to the category balancing performance and luxury, which is the ultimate expression of our lifestyle brand."

Wells Fargo analyst Ike Boruchow wrote in a note to clients Friday that the footwear launch may further help Canada Goose in its push to be more than just a luxury parka maker.

"Given Canada Goose's established wins in newer categories, we expect the footwear launch to be another leg in (its) evolution as a 3-season brand," he said.

With files from The Canadian Press

Alicja Siekierska is a senior reporter at Yahoo Finance Canada. Follow her on Twitter @alicjawithaj.

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